As of 18 December
2015, Vietnam has become the 84th state to accede to the Vienna Sales
Convention (CISG). The Convention will enter into force on 1 January 2017 in
Vietnamese jurisdiction. Ever since Vietnam has become a member of the World
Trade Organization on 11 January 2007, a sharp increase in international
trading volumes of domestic companies has been observed. By taking this step,
it is anticipated that international business transactions will be further
facilitated; and hence accelerated in the territory.

Turkey, a party to
the CISG, has strong economic ties with Vietnam which are profoundly reinforced
by their friendly relations. Over the past decade, business partnership between
these countries has taken on new dimensions whereby the volume of international
trade has increased from 114 Million USD to 1.3 Billion USD between the years
2005 and 2012. With this recent development of Vietnam’s accession to the CISG,
it appears that trading cooperation between Turkish and Vietnamese markets will
grow even stronger with a legal infrastructure that is familiar to both put in
place.

Should you have any
further comments or inquires on international commercial legal framework of
Turkey, please do not hesitate to contact me at fatmaesra@guzeloglu.legal